Although the discussions will be arduous, he also says the plans must be carefully designed so they don’t unintentionally lead to a reduction of the GIC payments that many Canadians rely on.

Another potential problem is any expansion should still leave significant room for private pension plans to accommodate the particular needs of various employee groups.

“We hope governments won’t stop at this reform, but will do more to improve the legislative and regulatory environment for employer-sponsored defined benefit pension plans across the country,” says Curtis.